New Twitter Survey By Ran Neuner Shows Funds Are Better Stored In Banks Than Crypto Exchanges
New Poll Suggests Funds Are Better Stored In Banks Than In Crypto Exchanges
According to a new poll conducted on Twitter by Ran NeuNer on February 24, more than two-thirds of the 9,734 voters consider that funds are safer in a bank than in a cryptocurrency exchange.
This shows that cryptocurrency exchanges must solve many challenges before being able to provide enough safety to users. Ran NeuNer is the host of CNBC Crypto Trader show and he is a respected figure in the space.
Banks Or Cryptocurrency Exchanges To Store Money?
68 percent of the respondents of the poll selected that they would store their money in banks rather than in cryptocurrency exchanges. Just 32 percent selected the cryptocurrency exchange option.
This is nothing surprising for the crypto industry. One of the weakest points that it has is related to exchanges and platforms being hacked almost every single month. In January, for example, the cryptocurrency exchange Cryptopia lost more than $2.4 million in Ethereum (ETH) and other coins.
The attack experienced by Mt. Gox back in 2014 is perhaps the most popular hack in the crypto space. At that time, 850,000 BTC coins were lost. 200,000 BTC were later recovered. However, users are still waiting for their funds to be returned.
In February, the Canadian cryptocurrency exchange QuadrigaCX informed that they were not able to have access to their funds due to the fact that the CEO of the platform died in December 2018 and was the only responsible for the funds that the company managed. Executives at the platform were not able to have access to the private keys of the hardware wallets managed by the platform.
These problems show that it is necessary for the industry to have a more secure infrastructure. There are different governments that are imposing regulations in the market to protect users from these kinds of attacks. Now, platforms and companies are trying to build new infrastructure that would allow investors and crypto enthusiasts to feel secure leaving their funds on these platforms.